Portfolio Details as of 10/30/2015

Total Net Assets
$1.93 B
Number of Holdings
Weighted Average Market Cap.
79.6 B
P/B Ratio
Portfolio Turnover Ratio as of 11/28/2014
P/E Ratio

Portfolio Positioning as of 09/30/2015

  • Lowe’s Companies, Inc., a home improvement retailer, is the portfolio’s largest overweight position, relative to its benchmark, the S&P 900® 10-Year Dividend Growth Index, as of September 30, 2015. Our view is that better service levels and merchandising likely will lead to improved margins and profit expansion that are not currently reflected in the stock price.
  • The portfolio also is overweight, relative to its benchmark, in Ace Ltd., a global insurance and reinsurance company. We believe that the stock is attractively priced relative to global insurance peers.  We also believe outperformance will be driven by the company’s superior underwriting and distribution driving top-line growth and an excellent balance sheet, providing a solid margin of safety for this high-quality stock.
  • 3M Co., a diversified technology company, is another overweight position, relative to the portfolio’s benchmark.  We believe price increases should outpace raw material costs, leading to improved margins. We also believe there will be additional tailwinds from disciplined merger and acquisition activity.

Sector Allocationas of 10/30/2015

Sector Weighting Fund Change from Previous Quarter
Information Technology 0.0%
Consumer Staples arrowDown0.5%
Health Care arrowUp0.4%
Financials arrowDown0.1%
Consumer Discretionary arrowUp0.1%
Industrials arrowDown0.1%
Telecommunication Services arrowDown0.1%
Materials arrowUp0.4%
Utilities arrowDown0.4%
Energy arrowUp0.3%

Attribution Analysis 

Calibrated Dividend Growth Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Strongest & Weakest Performers

Strongest Performers

Holding Contribution
Reynolds American, Inc. 0.4%
Lockheed Martin Corp. 0.2%
Best Buy Co., Inc. 0.2%
NIKE, Inc. 0.2%
Edison International 0.1%

Weakest Performers

Holding Contribution
Chevron Corp. -0.6%
Monsanto Co. -0.6%
United Technologies Corp. -0.5%
Caterpillar, Inc. -0.3%
QUALCOMM, Inc. -0.3%
Fund Dividends & Cap Gains next tab

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